From Corriere Della Sera (Google translation)
“FOR ITALY, THE BREAKEVEN BUDGET REMAINS FIXED AT 2013 ‘. DRAGONS ‘TANGIBLE RESULTS’.
EU summit, there is the agreement: 120 bln for growth Mountains satisfied Merkel: “Success”
The Eurogroup opens to an anti-spread. The Prime Minister: “Got what we wanted, but now I ask the shield”
BRUSSELS – The agreement was reached on the night: EU leaders reached agreement on direct recapitalization of banks and the role of money-saving state.Eurogroup leaders “have opened the possibility that countries use the funds saved were virtuous and ESFS ESM stability to reassure the markets.” This was announced at 4 am was the President of the EU Council Herman Van Rompuy , that during the final press conference, “spoke of a difficult and fruitful meeting, during which it was approved a pact for growth and employment can mobilize more than 120 billion euros.”
This is mainly a victory for Italy and Spain, who had made common to Europe asking for greater willingness to reach out to countries ‘virtuous’, while addressing problems that recessive or budgetary consolidation measures, and have adopted policies cope with the crisis. And, conversely, is a surrender of Germany, although German Chancellor Angela Merkel , who also had German sources described as “irritated” with Rajoy, but especially with Mountains, at the end made the best of a cattvo game: “We got what we wanted and achieved good results on ESM and EFSF tools, a good base to work. ”
MONTI: “NEXT STEPS” - The Italian Prime Minister Mario Monti said similar words: “We met, we got what we wanted.”But in the case of Italy it is a position actually corresponds to the mood of the delegation of government. ”In these two days we have made significant progress – said the president of the Council -. Steps that correspond to those much that Italy has long maintained: it was adopted a pact for growth and employment, which contains important measures both at national and European level. “ ”We’re doing a little ‘action to promote in other countries – he added a number of Palazzo Chigi – the idea, but not always natural to us as such, including synergy between fiscal discipline and measures for growth ‘.”We are confident – said Monti – that this vision pervade all economic policies, even the French had made, especially in election period, with accents in the limelight a little ‘different’.
“BUT WE DO NOT ask” - The Prime Minister further reiterated that Italy has no intention of asking the European coverage of the shield as soon relieved. At least not for now: “In the future, should serve as a form of encouragement for the economy, does not exclude the possibility that Italy might ask.But not now. “ Monti has also confirmed that for Italy the goal of a balanced budget is set at 2013, and currently the Executive does not expect to make additional financial maneuvering on site. ”The situation of the Italian economy is heavy – he admitted the Premier – and I never thought to turn it into the light in a few months, even as the government first had to give tools and carry out measures, from pension reform to that of work, that the political system was not up to that time managed to accomplish.”
THE SATISFACTION OF DRAGONS AND BARROSO-Satisfied with the result is called the European Central Bank president Mario Draghi : “results were achieved in the short term. The exemption of the preferred creditor status for Spain is one of those results. “ ”The future possibility of using the ESM to recapitalize the banks directly, something that the ECB calls for some ‘time, is also a good result – he stressed -. And we must keep in mind that all these things, to be credible, should be accompanied by strict conditionality. This is essential. “ For the Commission President Jose Manuel Barroso, the summit was a step towards a true monetary union of the Eurozone. Also according to Barroso, “EU leaders have been able to take measures of short and medium term, unthinkable until a few months ago.”
MERKEL IS HAPPY FACE - The German chancellor says so pleased with the outcome. In the press conference after the summit, Merkel hailed the appointment of Brussels’ a success on all fronts, served to stabilize the markets. “ But then he explained: “My position has not changed on Eurobond.” And the application of the States-saving interventions and anti-spread told to trust in particular in the European Central Bank: “We have great confidence in the ECB because it is an independent body and has interest in having a bank safe.” On the line of Merkel and French President is also the Dragons Francois Hollande , who spoke of “a good meeting,” in which he found “a global agreement” with “measures that will be quickly put to work.”
MEASURES TAKEN - With the approval of the shield anti-spreads, Italy hopes to avoid a “black Monday” at the reopening of markets: while not dovendolo immediate use, the mere existence of ‘”umbrella” Europe puts the country in a position markets and to better address their speculation. As with the opening on direct recapitalization of banks, Spain hopes to be able to receive aid up to EUR 100 billion to help its banks without the public debt to rise. The agreement “will be implemented by the Eurogroup in the very short term, by 9 July,” when they established the criteria for application.Countries that respect the stability pact and recommendations, it was decided, “not have to adhere to the monitoring of the troika,” but will continue to fulfill our commitments.
THE NEGOTIATION - Italy has struggled during the negotiations by pointing your feet and saying he was determined not firmareinsieme to Spain, the pact on growth when they were not introduced measures to contain the spread. Thursday evening van Rompuy speaking for the first time reporters had to admit the difficulties, while denying “a veto Italian.” Then it was the French president François Hollande to clarify a few hours later, that EU leaders had reached agreement on the pact for growth and jobs, but that Rome and Madrid had decided to postpone their signature.
AGREEMENT - But in the end the reserves of Italy and Spain have been taken: to proclaim it was Prime Minister of Luxembourg Jean-Claude Juncker, the past 4 am, at the end of the Eurogroup meeting. ”We affirm that it is imperative to break the vicious circle between banking and sovereign debt.”